The cashless and contactless future of payments

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The Cashless and Contactless Future of Payments
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Introduction In addition to the health status
and the economic status of the global population,
the coronavirus outbreak is also threatening the
centuries-old method of currency-based
payments.    As there is a common notion about
the virus being spread through cash-based
currency, there has been an accelerated shift
toward the cashless alternatives for making
payments.  Card-based payments, digital or
app-based payments, and other similar payment
technologies were slowly gaining ground before
the COVID-19 virus hit the world. But now, they
have become the go-to method for payments and
transactions, and are deemed the safer choice
for making purchases.  As per a pre-COVID
report, the global contactless payment market
size was expected to grow from USD 10.3 billion
in 2020 to USD 18 billion by 2025, at a Compound
Annual Growth Rate (CAGR) of 11.7 during the
forecast period.  
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Cashless vs. contactless what is the
difference? Before talking about the difference
between these two modes of payment, let us first
talk about the one similarity among them. Both
cashless and contactless payments eliminate the
involvement of cash-based currency from a
transaction. Both of these methods are much
faster and secure than cash-based payments, and
result in a smoother customer experience.
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  Quality assurance supporting the cashless
payment ecosystem The acceleration of digital
transformation has consequently pushed the
adoption of several digital-native technologies
including cloud and data centers.  As the world
is essentially operating remotely, the adoption
of cloud-based solutions aid them to keep
functioning normally. The cloud brings the
business benefits of scalability and flexibility,
and thus becomes the ideal choice for supporting
innovative solutions like cashless and
contactless payment technology.  Read Full Blog
at https//www.cigniti.com/blog/cashless-contactl
ess-payment-solutions-testing/

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